Coffee Rebounds on Colombia Supply

Heavy rains may have harmed crops in Colombia, the fourth largest producer, Kona Haque, an analyst at Macquarie Group Ltd., reported yesterday. Regulators in Burundi this week said the African nation’s harvest may be 26 percent smaller than forecast because of drought. Haque said supplies won’t improve untilthe Central American harvests start in October.
“People are concerned about short-term supplies,” said Boyd Cruel, a senior analyst at Vision Financial Markets in Chicago. “There is also a lot of technical buying.”

Arabica coffee for September delivery climbed 0.65 cent, or 0.4 percent, to $1.7845 a pound on ICE Futures U.S. at 10:55 a.m.inNew York. Before today, the commodity advanced 31 percent this year on concerns that demand would outpace supplies.